ICRA Nepal award Grade 3+ to proposed 30% right issue of Laxmi Bank; yet to be approved by SEBON

ShareSansar, March 3

ICRA Nepal has assigned “[ICRANP] IPO Grade 3+”, indicating average fundamentals to the proposed rights issue amounting NPR 701.360 of Laxmi Bank Limited ((LBL).

ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. For the Grading categories 2, 3 and 4, the sign of + (plus) appended to the Grading symbols indicate their relative position within the Grading categories concerned. Thus, the Grading of 2+, 3+ and 4+ are one notch higher than 2, 3, and 4 respectively.

Bank is proposing to come out with the 30% rights issue of 7,013,606 numbers of equity shares of face value NRs 100/ each to be issued to the existing shareholders at par.

Company’s present paid up capital is Rs 233.78 crore which will be Rs 303.91 crore after the issuance of right shares.

As per the bank officials, the right share is still to be approved by SEBON. Only after the approval the right share will be floated to the shareholders.